Title: On the thermodynamic treatment of diffusion-like economic commodity flows

Authors: Rida Y. Nuwayhid, Mohamad Y. Jaber, Marc A. Rosen, Georges P. Sassine

Addresses: Department of Mechanical Engineering, American University of Beirut, Beirut, Lebanon. ' Department of Mechanical and Industrial Engineering, Ryerson University, Toronto, ON M5B 2K3, Canada. ' Faculty of Engineering and Applied Science, University of Ontario Institute of Technology, Oshawa, ON L1H 7K4, Canada ' Department of Mechanical Engineering, American University of Beirut, Beirut, Lebanon

Abstract: The flow of a commodity is modelled as a quasi-thermodynamic irreversible process. The flow is treated not as a mass quantity, but more like a transient energy quantity. A commodity is thus considered an artefact that depends on whether it resides or is stored within the system or is in transit across the system boundary to the surroundings. This allows the use of the fundamental laws of thermodynamics and brings further insight into the process of commodity diffusion. The methods of irreversible thermodynamics are also considered and a coupling relationship between commodity price and quality is derived.

Keywords: entropy generation; exergy; price; production systems; quality; thermodynamic irreversabilities; uncoupled flow; economic commodity flows; commodity prices; quality; economic inventory models.

DOI: 10.1504/IJEX.2006.008328

International Journal of Exergy, 2006 Vol.3 No.1, pp.103 - 117

Published online: 04 Dec 2005 *

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